India & UAE initiative could be extended through India-Middle East-Europe Economic Corridor project: Piyush Goel

The Union Minister of Commerce and Industry, at the High-Level Roundtable on Connectivity and Economic Growth in New Delhi, highlighted the India-Middle East-Europe Economic Corridor (IMEC) as a transcontinental initiative poised to redefine global trade dynamics and strengthen international economic cooperation.

What is the India-Middle East-Europe Economic Corridor? 

About: The IMEC is a strategic multi-modal connectivity initiative launched through a Memorandum of Understanding (MoU) during the G20 Summit 2023 in New Delhi. Signatories include India, US, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union. 

    • The initiative is a part of the Partnership for Global Infrastructure and Investment (PGII), launched by the G7 in 2021. 
    • IMEC seeks to position itself as a viable alternative to China’s Belt and Road Initiative (BRI) by promoting transparent, sustainable, and debt-free infrastructure without compromising national sovereignty. 

Corridor Segments: 

IMEC has two parts the Eastern Corridor (India to Gulf) and the Northern Corridor (Gulf to Europe). 

Objective: 

To develop an integrated network of ports, railways, roads, sea lines, energy pipelines, and digital infrastructure aimed at enhancing trade between India, the Middle East, and Europe. 

Importance for India: 

IMEC is set to reduce logistics costs by up to 30% and transportation time by 40%, compared to the Suez Canal Maritime route making Indian exports more competitive globally. 

Shri Goyal proposed bringing in Think Tanks and Academia to the visioning and design process. These institutions, he noted, bring creativity, research strength, and long-term thinking. Their involvement would support policy advocacy, contribute to out-of-the-box solutions, and assist in capacity-building efforts along the corridor. 

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